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🎧Podcast Advertising Soars: 40% Share of Digital Audio Ad Spend in Q3 2024

Author

Miko Santos
November 26, 2024

Image: IAB

Australia's spending on online advertisements has risen to more than $4.2 billion, a trend largely contributed to by the Olympics. Video display leads in terms of fast growth as a sub-sector, and podcasting accounts for 40% of internet audio ads.

The IAB Australia Internet Advertising Revenue Report breaks down digital ad spend for the quarter through to September 30th, 2024.

The Key points:

  • Total ad spending online became $4.2 billion that translates to a year-over-year increase of 12.1%.

  • Video advertising grew 19.5% to $1.15 billion, fueled by Olympics-related activities.

  • Search dominates with $1.8 billion and 43% of the total digital spend.

  • Podcasting experienced a very impressive growth period, now commanding 40% of all internet audio advertising.

  • Retail remained at the top of the general display ads, while other sectors such as travel, finance, and entertainment went up.

    image: IAB

Why It Matters: This growth in digital advertising, especially video and podcasting, highlights how businesses have been investing in areas where consumers spend time and focus. Essentially, this is where individuals are likely to come across more compelling content through their devices, and businesses of all sizes are offered more excellent opportunities to touch their target audiences.

The Big Picture: These numbers are encouraging for the podcast industry. The year-over-year increase of 26.5% in podcast advertising signifies growing advertiser confidence in the medium. Producers would gain more advertising opportunities and probably higher rates, and industry professionals will find increased investment in production quality and content development. With these trends supported by data which reflects increasing advertiser interest and investment, podcasting is now no longer an alternative media channel; it is quickly becoming a mainstream advertising platform.

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